NCLT Chandigarh grants stay on order, allows appeal process

The National Company Law Tribunal, Chandigarh, granted the application in CA No.167/2019 to keep in abeyance the operation of an order dated 15.03.2019 that modified a previous interim order. The Tribunal allowed a seven-working-day suspension of the order to facilitate the petitioner/applicants' intention to appeal against it, considering the upcoming holidays. The Tribunal directed the Court Officer to provide a copy of the order to the petitioner/applicants' counsel 'Dasti' under their signatures, effectively disposing of CA No.167/2019.

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Issues: Application for keeping in abeyance the operation of order dated 15.03.2019

In the judgment delivered by the National Company Law Tribunal, Chandigarh, the issue at hand was an application (CA No.167/2019) seeking to keep in abeyance the operation of an order dated 15.03.2019 passed in CA Nos.435/2018 read with CA No. 25/2019. The petitioner/applicants had previously filed CA No.25/2019, resulting in an order on 21.01.2019 that restricted respondent No.1 from further pledging shares, except for top-up and/or margin calls for already pledged shares. The petitioner/applicants intended to appeal against the order dated 15.03.2019, and the Tribunal decided to keep the said order in abeyance for seven working days from the date of the judgment.

The Tribunal considered the arguments presented by the learned Senior Counsel for the petitioner/applicants. It was highlighted that the applications and the prayer for interim relief made in CP No.183/Chd/Hry/2018 had been disposed of by the order dated 15.03.2019, which also modified the interim order dated 21.01.2019. The learned Senior Counsel informed the Tribunal about the intention to appeal against the order dated 15.03.2019, with the upcoming days being holidays. In response, the Tribunal directed that the order dated 15.03.2019, which modified the previous interim order, would remain in abeyance for a specific period of seven working days starting from the day of the judgment. The Court Officer was instructed to provide a copy of this order to the learned counsel for the petitioner/applicants 'Dasti' under their signatures. Consequently, CA No.167/2019 was disposed of by the Tribunal, addressing the application's request to suspend the operation of the mentioned order.

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